Macquarie's profit jumps 56% as commodities trading unit thrives

AUSTRALIA'S Macquarie Group posted a better-than-expected 56 per cent jump in annual profit, as its commodities trading arm benefited from volatility in natural gas and oil prices, while its capital business rode a deal-making wave. Oil and natural gas prices have rallied in volatile trade after Russia’s invasion of Ukraine tightened an already under-supplied market. That, in turn, has boosted profits of major players in the commodities market including Macquarie, whose Commodities and Global Markets unit posted a 50 per cent jump in profit to A$3.91 billion (S$3.85 billion). Earnings from Macquarie Capital business more than tripled to $A2.40 billion in fiscal 2021. Macquarie declared a final dividend of A$3.50 per share, up from a payout of A$3.35 per share a year earlier. The group’s profit attributable for the year ended March 31 rose to A$4.71 billion from A$3.02 billion a year earlier, topping a Visible Alpha consensus of A$4.45 billion. REUTERS